John Lewis staff see bonus cut for sixth year
PUBLISHED: 11:31 07 March 2019 | UPDATED: 11:45 07 March 2019
Staff at John Lewis have seen their bonuses cut for the sixth year in a row, reducing the celebrated bonus to 3% of annual salary.
The 83,000 staff at the John Lewis Partnership will share out of a £44.7m pot, which last year stood at £74m.
The news will affect staff at Norwich’s John Lewis, as well as Waitrose staff across Norfolk in Norwich, Wymondham, Swaffham and North Walsham.
MORE: Aviva increases Brexit backstop by £100m in new results
The news came as profits plummeted at John Lewis.
Operating profit at the department store fell by 56% to £114.7m due to weaker home sales, tighter margins, higher IT costs and the cost of new shops.
Like-for-like sales at the brand were down 1.4%.
In contrast, operating profit at Waitrose recovered, climbing 18% to £203.2m.
The supermarket’s like-for-like sales jumped 1.3%.
Chairman Sir Charlie Mayfield said: “In line with expectations set out in June, our Partnership profits before exceptionals have finished substantially lower in what has been a challenging year, particularly in non-food.”
He warned that trading conditions are set to remain challenging in 2019, but that the partnership was “confident in our strategic direction and customer offer across both brands”.
If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box above for details.